Lightstone planning fourth Moxy Hotel at 151 Bowery

Developer is in contract to buy site from Emmut Properties

New York /
Jul.July 30, 2018 03:30 PM

151 Bowery and The Lightstone Group’s David Licthenstein (Credit: Google Maps)

Hotel and condominium developer Lightstone Group plans to build a fourth Moxy Hotel in Manhattan at the site of a lighting store in the Bowery, the company said Monday.

Lightstone is in contract to acquire the building at 151 Bowery from Emmut Properties, a memorandum filed Monday with the city’s Department of Finance shows. Lightstone declined to provide the amount that it would pay for the site at closing. Emmut Properties’ John Young did not respond to a request for comment.

151 Bowery last sold for $23.5 million in 2014, in what was then said to be a record price for the lighting district.

Lightstone’s three other Moxy developments are in Chelsea, Times Square and the East Village. The company plans to build a toal of 1,500 Moxy hotel untis citywide. Planned locations for the chain outside New York include Miami, Los Angeles and Hollywood.

In March, Lightstone bought a 183-key Hilton Garden Inn in Long Island City, paying $60 million.

Emmut Properties sold three other light stores on Bowery last year for a total of $24 million.


Related Articles

arrow_forward_ios
Hudson’s Bay Company restructures $846M CMBS loan
Hudson’s Bay Company restructures $846M CMBS loan
Hudson’s Bay Company restructures $846M CMBS loan
Two of the eleven properties under threat of foreclosure (Google Maps)
Mack Real Estate may “strip” club owner of properties
Mack Real Estate may “strip” club owner of properties
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Senator Chuck Schumer and 70 Prospect Park West (Google Maps, Getty)
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Just-sold Shelter Island hotel borrows $17M for transformation
Just-sold Shelter Island hotel borrows $17M for transformation
Just-sold Shelter Island hotel borrows $17M for transformation
Ty Warner and Four Seasons 57 East 57th Street (Getty, Google Maps)
Ty Warner’s Four Seasons Hotel sues tenant over $2.7M of missed rent
Ty Warner’s Four Seasons Hotel sues tenant over $2.7M of missed rent
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...